Health Savings Account (HSA)

A convenient financial tool for managing your High-Deductible Health Plan medical expenses.

Covered Medical & Dental Expenses^{footnote 1}

Chiropractor
Dental and Vision Care
Lab fees
Office visit co-pays
Prescriptions
See a list of covered expenses from the IRS

Send a request to open an HSA

Give us a call at 1.800.633.7077, ext. 33409

Schedule an appointment at a Member Center

Health Savings Account Benefits:

Pay for your expenses easily with a free CEFCU HSA Debit Mastercard®.

Use your HSA Debit Card wherever Mastercard, Cirrus®, or Maestro® are accepted.
Get Mastercard Zero Liability Protection^{footnote 2} on qualifying purchases.
Authorized signers are supported.

Free Online & Mobile Banking.

Bill Pay Services with an HSA Checking account.
Complimentary budgeting tools, account alerts, and security features.
eStatements — get access to current and archived statements at no cost.

Not just a Savings account! These additional HSA options can be opened to best fit your needs:

Checking
Dividend Checking
Insured Money Market Account
Certificates

It’s your money — there are no “use it or lose it” rules.

Any remaining funds in the account will roll over year after year.
If you change jobs or medical coverage — you can keep your account and continue to use your funds for qualified expenses.

Advantages of an HSA

- Contributions to an HSA are potentially tax deductible, whether made by the employer or employee.
- Earnings and withdrawals for qualified medical expenses are tax-free.
- Account ownership and control stays with you, so you can keep your CEFCU HSA if you change jobs or medical plans, change marital status, move to a different state, or become unemployed.
- If you switch from a high-deductible to a low deductible health plan, you will be unable to make additional HSA contributions. However, you can still withdraw remaining HSA funds to cover qualified expenses.
- Funds can be used to pay for current or future qualified medical expenses for you, your spouse, or your dependents.
- Unused funds remain in your CEFCU HSA from year to year — no worries about “use it or lose it” by the end of the year.
- Unused HSA funds may be used for non medical purposes beginning at age 65, but will be subject to income tax if not used for qualified medical expenses.

HSA Contribution Limits

Single/Family

Contribution Limit^{footnote 3}

Minimum Deductible

Maximum Out-of-Pocket

Additional Catch-Up Contribution^{footnote 4}

Single/Family

Contribution Limit^{footnote 3}

Minimum Deductible

Maximum Out-of-Pocket

Additional Catch-Up Contribution^{footnote 4}

2024 Single

$4,150

$1,600

$8,050

$1,000

Single/Family

Contribution Limit^{footnote 3}

Minimum Deductible

Maximum Out-of-Pocket

Additional Catch-Up Contribution^{footnote 4}

2024 Family

$8,300

$3,200

$16,100

$1,000

Single/Family

Contribution Limit^{footnote 3}

Minimum Deductible

Maximum Out-of-Pocket

Additional Catch-Up Contribution^{footnote 4}

2025 Single

$4,300

$1,650

$8,300

$1,000

Single/Family

Contribution Limit^{footnote 3}

Minimum Deductible

Maximum Out-of-Pocket

Additional Catch-Up Contribution^{footnote 4}

2025 Family

$8,550

$3,300

$16,600

$1,000

Contribution Deadline: You have until the tax-filing deadline (generally April 15) of the following year to make allowable contributions.

For more detailed information on HSA plans and taxes, visit the IRS website or talk with your tax advisor.

Health Saving Account FAQs

Who can open Health Savings Accounts?

Anyone covered by a High-Deductible Health Plan as defined by the IRS.*

Are contributions (deposits) tax deductible?

Yes. Health Savings Account contributions made by an eligible individual or his/her family members are deductible by the eligible individual when determining his/her adjusted gross income. The individual cannot also deduct the contributions as medical expense deductions.

Are there income limits?

No, there are no income limits when opening Health Savings Accounts.

How can I spend my Health Saving Account funds?
Any qualifying medical expense as defined by the IRS. This can include:
- Office visit co-pays
- Prescription drugs
- And more

How can I use my Health Savings Account?

Use your CEFCU HSA Debit Mastercard® to pay medical bills, purchase prescriptions, and more. Or, access your HSA funds online or at any Member Center.

Do I have to use my Health Savings Account funds by the end of the year?

You can keep funds in the account from year to year. There are no “use it or lose it” rules.

Are there fees?

There are no fees for CEFCU members to open and maintain a HSA.

Schedule an appointment at a Member Center

Other Ways to Save

IRAs

Insured Money
Market Account

Savings Account

Certificates

Youth
Accounts

1. Consult your tax advisor for help determining your eligibility to open an HSA and your allowable contributions and withdrawals. As custodian/trustee of your HSA, CEFCU is not responsible for determining your allowable contribution amounts or whether distributions are used for qualified medical expenses. Your total contributions and withdrawals are reported annually to the IRS.

HSAs were developed by Congress for consumers with high-deductible health plans. If you are not enrolled in Medicare, you can use tax-free savings to pay for current or future qualified medical costs.

2. Zero Liability: Pay only for purchases which you have authorized on your Mastercard card. Unauthorized purchases are not your responsibility. Conditions and exceptions apply. Get Details .

3. Your personal contribution limit may be lower than Internal Revenue Code maximums. Individuals are responsible for monitoring their contributions limits — CEFCU does not monitor it. Consult your tax advisor with questions about how limits apply to your situation. Contributions may be subject to state taxes in some states. The annual contribution limit includes employer contributions.

4. Catch-up Contributions (55+): Eligible individuals over the age of 55 are allowed to make additional catch-up contributions to their HSAs. The catch-up amount is $1,000. If you turn 55 during the year, you can contribute the full $1,000.

mastercard

Free Checking

Dining. Travel. Fuel. Fun.

Protect Your Assets

Health Savings Account (HSA)

Covered Medical & Dental Expenses^{footnote 1}

Health Savings Account Benefits:

Advantages of an HSA

HSA Contribution Limits

Health Saving Account FAQs

Other Ways to Save

Free Checking

Dining. Travel. Fuel. Fun.

Protect Your Assets

Health Savings Account (HSA)

Covered Medical & Dental Expenses footnote 1

Health Savings Account Benefits:

Advantages of an HSA

HSA Contribution Limits

Health Saving Account FAQs

Other Ways to Save

Covered Medical & Dental Expenses^{footnote 1}